Announcement effect of MBO in China.

Huang, Fang.Thesis (M.Phil.)--Chinese University of Hong Kong, 2008.Includes bibliographical references (leaves 35-39).Abstracts in English and Chinese.Chapter 1. --- Introduction --- p.7Chapter 2. --- Review of literatures and regulations --- p.12Chapter 2.1. --- MBO in the US --- p.12Chapter 2.2. --- MBO in China --- p.14Chapter 3. --- Data selection and sources --- p.16Chapter 4. --- Announcement effect of MBO --- p.17Chapter 4.1. --- Research method --- p.18Chapter 4.2. --- Group division of MBO companies --- p.18Chapter 4.2.1. --- Division rules --- p.18Chapter 4.2.2. --- Apparent MBO: significant negative --- p.19Chapter 4.2.3. --- Founder buyouts: significant positive --- p.20Chapter 4.2.4. --- Other groups: insignificant positive but not representative for MBO effect --- p.20Chapter 4.3. --- Factor analysis --- p.21Chapter 4.3.1. --- Year: before 2003/ after 2003 (include 2003) --- p.21Chapter 4.3.2. --- Underlying asset: parent company / the listing company itself --- p.22Chapter 4.3.3. --- ESOP participation: Yes/No --- p.23Chapter 4.3.4. --- Competitive purchaser: Yes/No --- p.23Chapter 4.3.5. --- Results: Success / Failure --- p.24Chapter 4.4. --- Summary of announcement effect --- p.25Chapter 5. --- Evidence on profitability and pricing --- p.25Chapter 5.1. --- Data and methodology --- p.26Chapter 5.2. --- Profitability of MBO companies --- p.28Chapter 5.3. --- DuPont analysis of companies with successful MBO --- p.29Chapter 5.4. --- Dividend payment --- p.31Chapter 5.5. --- Shareholder´ةs returns --- p.32Chapter 5.6. --- MBO pricing and pre-MBO behavior of NAV --- p.33Chapter 6. --- Conclusion --- p.3